Ebay Spends More Than $1.2 Billion To Buy Bill Me Later And DBA.dk, And Lays Off 10% Of Employees

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It’s a big day for eBay and CEO Jon Donahoe. The company is laying off 10% of its workforce, or about 1,000 employees plus several hundred temporary positions. They will take a $70 million to $80 million restructuring charge around the layoffs, they said.

Regarding the two acquisitions: We covered dba.dk, Denmarks’ leading classifieds site, earlier this morning. Bill Me Later, the larger acquisition, is a service that let’s ecommerce partners issue instant credit to buyers. You enter your birth date and last four digits of your social security number online, and it does a credit check on you in three seconds to determine whether you are worth the risk. Bill Me Later pays the merchant, and sends you a bill. The company has raised a ton of cash – at least $272 million – from Amazon, Azure Capital Partners, Chase Paymentech, Crosspoint Venture Partners, First Data Corp., and others.

eBay stock is at a 52 week low, we’ll see how it does in the market today. (Update: well, the markets are tanking, so it’s not really a good day to judge eBay alone).

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CrunchBase

OvervieweBay is an online auction and e-commerce platform and marketplace that enables people and businesses to buy and sell a wide variety of goods and services worldwide.
The platform connects millions of buyers with sellers globally utilizing PayPal to ensure secure transactions. It also operates specialized marketplaces such as StubHub, the world's largest ticket marketplace as well as eBay Classifieds …